Varsity News Network closes on $3M VC funding round

Varsity News Network, a Grand Rapids-based company that won the grand prize of $500,000 in November at the Accelerate Michigan Innovation event at Orchestra Hall in Detroit, announced Monday that it has raised a Series A venture capital funding round of $3 million.

The company's website posts news and photos of high school athletic events and plans to use the funding to fuel its national expansion and launch a mobile app.

When it beat out 50 other companies at the Accelerate Michigan event, it had already surpassed $100,000 in monthly revenue.

The A round was led by Arsenal Venture Partners of Winter Park, Fla., and joined by several angel investor organizations around the state and three VC funds, Ann Arbor-based North Coast Technology Investors LP, New York-based RSL Venture Partners LP and the Detroit-based First Step Fund.